Cash out refinance or new loan?

[Jocelyn B.]

Hello! I'm seeking advice. I have recently inherited a property. I need to transfer it into my name and it is currently rented out. I have enough equity in my current occupied home to do a cash out refinance and pay off the inherited property loan (~130k). Should I do this or should I take out a new investment loan? I believe my payment would go up quite a bit, but would be covered by rent, but I would save on interest in the long run. Thanks for your advice!

[Tim Herman]

@Jocelyn B. inherited property you can assume the loan, if you are a near relative. Doesn't mean that refinancing may be a better option. Without numbers hard to give an opinion.